Avaya is being taken over by two investment companies for £4.3bn.
Silver Lake and Texas Pacific Group's TPG Capital have seen their takeover approved by the Avaya board. The sum paid represents a 28% premium over Avaya’s share price on 25 May, the day before a takeover was first mooted.
"In addition to delivering compelling value for our shareholders, the partnership with Silver Lake and TPG also creates clear value for Avaya employees and customers," said Louis J D'Ambrosio, Avaya CEO.
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"The investment in our people and technology and the operating structure will enable us to extend our technology and services leadership,” he said.
"Our interests are aligned with the long-term interests of Avaya's customers and employees," said David Roux, co-founder and managing director of Silver Lake. "We have full confidence in Avaya's excellent management to build on the company's remarkable technology and history, which spans more than a century.”
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